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Wiltern
Joined: 23 Sep 2009
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 Posted: Sun Sep 09, 2012 6:14 am Post subject: exchanging KRW to USD |
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| I will be leaving Korea soon. What is the best way to exchange the money that I have saved up here? Should I exchange here, or when I get to the US? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Sep 09, 2012 3:05 pm Post subject: Re: exchanging KRW to USD |
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| Wiltern wrote: |
| I will be leaving Korea soon. What is the best way to exchange the money that I have saved up here? Should I exchange here, or when I get to the US? |
DO NOT TAKE WON OUT OF KOREA.
If you have a bank account back home then the best choice is to simply wire it. Go to your bank with your passport in hand.
If you do not have a bank account back home to wire it into then go to your local bank and exchange your won for crisp new $100 bills. Again, take your passport with you.
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Dave Chance
Joined: 30 May 2011
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| Posted: Sun Sep 09, 2012 10:07 pm Post subject: |
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| Just curious as to why say if u had a coupla thousand dollars' worth of won it would be a bad idea to carry it out of Korea on your own? (assuming u took the right precautions to avoid being held up before getting to the airport) |
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SMOE NSET
Joined: 25 Feb 2010
Location: Seoul
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| Posted: Sun Sep 09, 2012 11:32 pm Post subject: |
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I'll echo ttompatz and state, DO NOT TAKE WON OUT OF KOREA.
If the total is less than $10,000, you could just carry it with you on the plane.
If the total is more, wire transfer it home. |
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highstreet
Joined: 13 Nov 2010
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| Posted: Sun Sep 09, 2012 11:50 pm Post subject: |
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| Dave Chance wrote: |
| Just curious as to why say if u had a coupla thousand dollars' worth of won it would be a bad idea to carry it out of Korea on your own? (assuming u took the right precautions to avoid being held up before getting to the airport) |
Won is hard to exchange outside of Korea. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 10, 2012 6:23 am Post subject: |
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| Dave Chance wrote: |
| Just curious as to why say if u had a coupla thousand dollars' worth of won it would be a bad idea to carry it out of Korea on your own? (assuming u took the right precautions to avoid being held up before getting to the airport) |
Won, as a currency, drops to the value of toilet tissue when you take it out of Korea.
Sell your won in Korea and get dollars, pounds or Euros for your travel.
There is no issue with taking up to US$10,000 in your pocket.
The issue is taking won out of the country and losing up to 30% of its value as soon as you do.
(above $10,000 and you have to fill in some paperwork to legally export negotiable instruments (cash, bonds, checks, etc.) but it is not that difficult to do).
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Dave Chance
Joined: 30 May 2011
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| Posted: Mon Sep 10, 2012 7:08 am Post subject: |
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hey thnx fer da tip  |
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JustinC
Joined: 10 Mar 2012
Location: We Are The World!
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| Posted: Mon Sep 10, 2012 7:48 am Post subject: |
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| Bank or money changers in Itaewon. |
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Wiltern
Joined: 23 Sep 2009
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| Posted: Mon Sep 10, 2012 8:13 am Post subject: |
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| Thanks for all the info....will definitely exchange to dollars in Korea. That being said, is there a preferred place to do this? Or, is it the same rate pretty much everywhere and I should just go to my bank (Woori)? |
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JustinC
Joined: 10 Mar 2012
Location: We Are The World!
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| Posted: Mon Sep 10, 2012 8:16 am Post subject: |
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| I've heard the money changers in Itaewon are great - so many dollars being spent there by tourists - but be careful you're not on the receiving end of a bad deal. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Mon Sep 10, 2012 11:20 am Post subject: |
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| I used to change my won into dollars at KEB but I now do it in Namdaemun. I got a rate of 1,134 the other day. |
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